Crypto mining is trending nowadays, and so are the mining services which help you mine cryptocurrencies.
Having been in crypto since 2016, I have come across many mining services and have used quite a few. I understand the anxiety of putting your money first and then expecting something in return.
It is difficult.
Many companies have also monopolized this market, leaving no place for new players to emerge or a fair free-market competition to happen.
But just like a Phoenix from the ashes, players like Honeyminer are breaking to seen and giving competition to the likes of Nicehash & Genesis.
In this guide, we are going to compare Honeyminer Vs. Nicehash based on the following criterions so that you don’t feel the unclarity which we have felt early on.
- Supported Mining Coins
- Supported Platforms & Operating Systems
- Customer Support
Comparing Honeyminer Vs. Nicehash In 2019
Honeyminer is the friendliest Bitcoin mining software ever developed.
Honeyminer came to the crypto mining party quite late in 2018 and since then have been able to make a name for itself.
Of course, it is a relatively new entrant into the mining space. It started small by launching its desktop mining software to enable anyone with a computer or GPU to mine cryptocurrencies.
However, you cannot do the heavy lifting mining through Honeyminer’s free software that runs merely on your PC. But when this software is integrated with some decent GPU mining power, it shows its magic.
To get started, you can install Honeyminer’s mining software on your PC. You will begin earning cryptocurrency mining rewards in the proportion of the computing power you contribute.
Honeyminer software automatically picks the right coins for you as per the computational power supplied by your hardware or PC and lets you withdraw your profits in BTC.
Oh, there is one more thing I forgot to tell you about Honeyminer.
Honeyminer also has a program called HotelHoney.
Under this program, Honeyminer supplies on-demand GPU powers to serious cryptocurrencies mining enthusiasts and advanced users.
The concept is quite simple.
Just pick up a plan- monthly, quarterly, or bi-annually to rent some GPUs of certain hash power and sit back to see your coins being mined.
But under this program, you will be buying hashing power for the Ethash algorithm by default, and all the payout will be in BTC on an hourly basis to your Honeyminer wallet.
This, of course, is akin to buying a mining contract but in a more refreshing and sophisticated way with a way more better mining software doing the job for you!!
On the other hand, I have been trying their free to use CPU or GPU miner on my PC.
I have been doing this for some time with my old PC, and the payout is low. That’s because PC can only provide so much power and you shouldn’t expect much if you wish to do the same.
For getting started with this horrible low earning program, do this:
- Go to this link and sign-up using your email. You will also get free 1000 Satoshis for doing this
- Then download this Honeyminer software as shown in the below image.
- Now, install this Honeyminer software on your Mac or Windows system.
- Use the same email that you used while sign-up or from here only create an account to get your password.
- Keep running the software in your system and keep earning bitcoins as Honeyminer will keep converting mined coins to Bitcoin in your account.
- Or otherwise, buy HotelHoney for serious cryptocurrency mining.
NiceHash is an old player in the space of crypto mining and has been here since 2014.
Of course, just like Honeyminer, it also provides a free to use crypto mining software which supports Linux, Windows, Mac for advanced as well as enthusiasts miners.
There is another side also to NiceHash, where it touts itself as the largest crypto-mining marketplace from where one can buy the relevant hash power.
I will come back to this feature of NiceHash in a while, but before that, I want to tell you how to get started with NiceHash’s free mining software:
- Create a NiceHash account using your email
- Download NiceHash miner
- Start mining with your GPU or CPU, get paid in BTC every4-hours.
Moreover, you can club your CPU or GPU power to NiceHash’s mining pools to get the best and optimum output for the computation power you have supplied.
The nice thing is, their software automatically picks the best and the most profitable coin for you to mine, which is as better as it can get.
But there is more:
NiceHash’s hash power market place lets you buy extra mining power from people. These people are those who have extra hash power and want to sell theirs.
Their hash power market is also quite big and provides you the opportunity to choose from various options based on coins and mining algorithms.
And guess what?
They have a separate mining market place for EU and USA residents.
Nicehash vs. Honeyminer: What They Say On Reddit?
It is said that:
What they say on Reddit must be true.
While combing Reddit for getting more insights, I have found a significant difference between Honeyminer and NiceHash, which I wasn’t able to pick before.
NicehHash is an open bid market place where you buy mining hash power from third parties. If you think a bit hard, though it is good, it can facilitate attackers to buy 51% hash power for a specific algorithm to attack a particular coin.
There is nothing; NiceHash can do identify this, let alone stopping this.
This can harm the mining ecosystem in the long term and effecting your profits in the whole cycle.
Honeyminer didn’t have a marketplace yet, but now they have.
But Honeyminer’s marketplace works in an entirely different way. When you buy hash power from Honeyminer, you are not purchasing it from a third party.
You are buying from Honeyminer, who is mining as well as maintaining the GPUs on your behalf so that you don’t have to do so.
Further evidence and facts have been found deeming, Honeyminer’s hash power being atleast 2-9% cheaper when compared to hash power available on NiceHash.
So why would one do that when the margins are so narrow in mining.
Note: Irrespective of from wherever you buy the mining power or however you might be thinking of investing in crypto mining, the bottom line is to have a long term view.
It is good to commit for a year or two, especially during the bear-market years because during those times, hash rate levels tend to fall behind the price. That way, you can accumulate more amount of coins with the same amount of investment.